Former Exxon Mobil CEO Participates in Venture Headed by Ex-Chairman of Chesapeake

It may be the U.S. energy industry's oddest couple: Lee Raymond, who was famously tightfisted as chief executive of Exxon Mobil Corp., now has a seat at the table in a venture headed by Aubrey McClendon, whose aggressive spending hastened his exit as chairman at Chesapeake Energy Corp.

Mr. Raymond has emerged as a director alongside Mr. McClendon in American Energy Ohio Holdings LLC, a closely held company that has raised $1.35...